Will 2021 Regulations Make Crypto Liable for Tax Reporting?
2021 Changes to Information Reporting for Crypto Transactions
The BEPS 2015 Action 1 Report paved the way for a project within the OECD to work on addressing the challenges arising from the digitalization of the economy with specific focus on regulating crypto. The OECD recently released a report focused on addressing and strengthening the regulatory framework for Tax Reporting of Crypto currencies and crypto assets, which will be based on the Common Reporting Standard (CRS). On a parallel course was the US Treasury/Internal Revenue Service (IRS) analysis on the proper reporting of crypto under the FATCA regulations. Both of these regulatory agencies expect to publish final rules in 2021.
TAINA’s Tax Reporting and Compliance Expert Rasheed Khan has compiled an informative and thought-provoking whitepaper on the recent changes in the crypto regulation landscape.
Throughout this whitepaper Rasheed will answer you bruning crypto regulation and reporting questions including:
What is the timing of these crypto regulation changes?
What will the impact of these tax reporting regulation changes have on the crypto industry?
How can crypto businesses take a proactive approach to FATCA and CRS Tax Reporting?
At TAINA we continue to monitor the crypto regulatory landscape. To find out more information on the recent crypto regulation changes download the whitepaper below or , get in touch with us today.